Its relatively small local market and remote location combined with the rise of cheaper manufacturing powerhouses in Asia left car companies with little choice, according to Mol, who heads the department of strategic management and globalization at the Copenhagen Business School.

Since then, the industry has experienced a drawn-out demise that has raised questions about the future of Australian manufacturing in general.

This red Holden Commodore sedan was the company's last to be made in Australia.

GM stressed on Friday that Holden would keep roughly 1,000 staffers in Australia, including about 350 in design and engineering. But that's just a fraction of the thousands of manufacturing jobs wiped out by the collapse of the local auto industry.

The problem was that Australian car buyers weren't willing to pay a premium for vehicles that were "Made in Australia," Mol said.

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